It’s surprising that even this analysis hasn’t made its way into the thread yet; I guess everyone is already feeling the burn from the share price decline
:SEB Research
I wouldn’t necessarily have noticed this myself either, but today I decided to join the honorable ranks of Gofore shareholders, with one important purchase criterion being that the annual general meeting is held in Tampere; it’s always fun to travel there.
Thanks @Emmi_Berlin1
Welcome as a shareholder and to join us in Tampere on April 17!
Gofore will publish its 2025 financial statements bulletin on Wednesday, 25 February 2026, at approximately 9.00 a.m. CEO Mikael Nylund will present the results in a live webcast on the same day at 1.00 p.m.
The broadcast will also feature Gofore’s new CFO Saara Ukkonen, as well as Gofore’s AI expert and Director of Management Consulting Tommi Rasinmäki, and Osmo Haapaniemi, CEO of Valimo, Gofore’s new AI consulting associate company. Rasinmäki and Haapaniemi will also participate in the Q&A session and answer AI-related questions.
The broadcast will be held in English and can be followed live or later as a recording at https://gofore.events.inderes.com/q4-2025
Welcome!
Joni has proactively prepared a Q4 pre-report for Gofore, which will publish its results on Wednesday, Feb 25. 
We are upgrading our recommendation for Gofore shares to Add (prev. Reduce) ahead of the Q4 report, driven by the decline in the share price. At the same time, we are lowering the target price to EUR 13.0 (prev. EUR 15.5), reflecting increased operational risk and valuation-related risk levels due to the threat of AI disruption. Gofore’s revenue grew driven by an acquisition, and we estimate that profitability improved clearly from previous quarters in Q4. However, uncertainty remains regarding Gofore’s development in 2026, particularly concerning profitability. Nevertheless, the stock’s risk-reward ratio has already turned attractive before the report. Gofore will publish its financial statements on Wednesday, and the company’s results presentation can be followed here at 1:00 PM. Additionally, our live results broadcast can be followed here starting at 8:55 AM.
Quote from the report:
At the beginning of the year, a major concern for investors, especially when discussing SaaS software companies and also IT service companies, has been the threat of disruption created by AI. This has weighed on the sector’s valuation levels. The general economic situation has remained in a fairly sensitive state due to geopolitical tensions, but at the same time, some fledgling positive signals have also been received, with the generally strong performance of the stock markets being one example.
There was a very good piece in Pörssihaukka about SaaS companies and the energy needs of AI companies. Energy consumption is going to be a big problem. It supports the need for SaaS companies, and in the end, AI won’t be able to do it automatically. Companies are also transforming, and software companies are utilizing AI. It raises the question of whether these will actually be the biggest beneficiaries in the end. In a way, I’m tempted to add Gofore to my portfolio, but I already have a bit too much of it. I’m not selling, either.
As a reminder, tomorrow is Gofore’s earnings day and the earnings live stream starts at 8:55 
I selected these from the 2026 outlook. Onward and upward from here!
The Huld investment was already reflected in the fourth-quarter growth and the pro-forma revenue at the end of December (EUR 215.2 million), which was 16% above the previous year. Due to the impact of the Esentri investment, our revenue in January was EUR 18.7 million, 20% higher than a year earlier.
We also saw positive development in organic growth. We reached a level of zero growth after four quarters of negative growth. Turning organic growth back to positive is one of our top priorities for the current year. The investments made strongly support this objective, especially in our strategic sectors, Defence & Space and Intelligent Industry.
January 2026 opened the new year on a cautiously positive note. Although the beginning of the month was still largely characterized by holidays, customer activity appears stronger than in the two previous years of economic downturn. This is a good starting point for the new year.”
SEB’s initial comments, many positive signs.
By the way, is there a link for the 13:00 webcast available anywhere?
Financial Statements Release for the year 2025 - tervetuloa mukaan!
@Joni_Gronqvist’s video interview is live, and you can watch the full livestream recording via the link above 
SEB reiterates the 17-18e fair value range. There is potential here.
Joni also says that there would be potential for 14.5 euros or, according to the cash flow calculation, 16.4 euros.
Proprius Partners and Pyysing increased in February.
Good news from the public sector!
These public procurement tenders are always interesting, when Gofore, with an annual turnover of just under 200 million euros, forms a consortium with Nostrum to land a 7-year, 44 million euro deal (no minimum purchase obligation) with the city.
What is Nostrum? Apparently, the company was founded just under a year ago, and any billing accumulated during its history likely originated—lo and behold—from a City of Espoo project (completely speculative). This, in turn, probably relates to Silver Planet, which Gofore acquired back in the day, regarding the founder. One could infer that Nostrum offers something so significant for the procurement solution that the consortium was put together for that reason and was decisive for the win. I wonder how tight the race was in terms of points and who was left on the reserve list or left biting the dust.
The public sector certainly has an interesting way of buying services. 
Great continuity for Gofore, of course, as the deal has probably been quite significant before as well and provides interesting work for many experts for years to come.
Here are Joni’s comments regarding this recent news.
Gofore announced on Monday that the City of Espoo has selected the GoforeNostrum consortium as the primary provider for expert services related to digital transformation support. The contract has a duration of seven years, and its estimated total value over the entire contract period is approximately 44 MEUR. The contract does not lead to changes in forecasts, as this is a re-tendering. However, this strengthens our confidence in the company’s competitiveness in the highly competitive public sector, and it brings continuity especially in important re-tenderings. On the other hand, the margin structure of the re-tendering can be assumed to be the previous contract per
More good news from the sales front; the DACH team is gaining a foothold at the German federal level
Here are Joni’s comments regarding this recent news about Gofore.
Gofore announced on Wednesday that its DACH region subsidiary has won a significant framework agreement with the ITZBund (Information Technology Center of the German Federal Government). The annual value of the agreement is estimated by Gofore to be several million or even 5 MEUR, making it a strategically significant entry into the German public sector. The agreement does not lead to immediate changes in our forecasts, but it strengthens our confidence in the company’s 2026 growth forecasts and the organic turnaround of the DACH region after challenging years.
Here are Joni’s comments on Gofore’s February.
Gofore reported its February figures yesterday. Revenue grew strongly, driven by acquisitions, and slightly exceeded our forecasts. Organically, we estimate that revenue was at the level of the comparison period. Capacity grew slightly slower than expected, but the company reported that the development of the billable headcount was good at the start of the year, which is naturally positive. During the early part of the year, the company has announced two significant contracts that strengthen confidence in a revenue turnaround in the future. Following the business review, we kept our forecasts practically unchanged. Our still-current Q4 report on the company can be read here.
Welcome to our Annual General Meeting in Tampere on 17 April at 13:00 